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The reasoning-based expected utility procedure

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Author Info
Robin P. Cubitt () (School of Economics, University of Nottingham)
Robert Sugden () (School of Economics, University of East Anglia)

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Abstract

This paper presents a new iterative procedure for solving finite noncooperative games, the reasoning-based expected utility procedure (RBEU), and compares this with existing iterative procedures. RBEU deletes more strategies than iterated deletion of strictly dominated strategies, while avoiding the conceptual problems associated with iterated deletion of weakly dominated strategies. It uses a sequence of “accumulation” and “deletion” operations to categorise strategies as permissible and impermissible; strategies may remain uncategorised when the procedure halts. RBEU and related “categorisation procedures” can be interpreted as tracking successive steps in players’ own reasoning.

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Publisher Info
Paper provided by The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham in its series Discussion Papers with number 2009-16.

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Date of creation: Sep 2009
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Handle: RePEc:cdx:dpaper:2009-16

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C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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This page was last updated on 2009-11-17.

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